Money3 risks and revenue model, page-16

There are some opportunities as well, Tarvold. In the event of an economic down turn, there will be far more consumers in the credit impaired segment, some simply because the banks won't lend to them anymore despite their situation being similar, a 'credit crunch'. So long as the company can survive the cycle, the torrent of bad debt charges, there is definitely some opportunity offsetting the higher bad debts in that environment. This is similar to Credit Corp and alike - more bad debts equals cheaper debt which helps preserve returns.